Finance
A seller in West Virginia 'carries back' a loan to help the buyer purchase the property. This is called:
AA purchase money mortgage✓ Correct
BAn assumable mortgage
CA bridge loan
DA hard money loan
Explanation
A purchase money mortgage (or seller financing) occurs when the seller extends credit to the buyer, acting as the lender. The buyer makes payments directly to the seller rather than a bank.
Related West Virginia Finance Questions
- In West Virginia, a deed of trust differs from a mortgage in that a deed of trust involves:
- In West Virginia, the 'due-on-sale' clause in a mortgage allows the lender to:
- The loan-to-value ratio (LTV) is calculated as:
- A West Virginia buyer using a conventional conforming loan must meet standards set by:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- Points paid on a mortgage loan in West Virginia represent:
- A West Virginia borrower who wants to pay fewer points in exchange for a higher interest rate is using:
- The debt-to-income ratio (DTI) used by lenders to qualify West Virginia mortgage borrowers is calculated as:
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